Pave Bank has come out of stealth mode with an approved digital banking licence from Georgia and $5.2m seed funding. The funding round is led by 468 Capital. Other participants include Quona Capital, FT Partners, BR Capital, w3.fund, Daedalus and angel investors.
Pave Bank designs itself as the world’s first programmable bank. It says it will give clients best in class business banking products. Examples include multi-currency operating accounts, global payment connectivity, and treasury management solutions. Clients will also have access to multi-asset custody, virtual IBANs, safeguarding accounts and PaveNet. This is a multi-asset, always instant and always on network of Pave Bank customers.
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Pave Bank promises an ironclad level of trust and confidence in all its products. In honouring this commitment, it is a full reserve bank. In other words, all deposits and funds held with the bank are always there, never lent out and never invested.
Pave Bank launches to address financial system limitations
Salim Dhanani, co-founder & CEO of Pave Bank said: “We have set out to address limitations of today’s financial system. That lacks transparency, remains restricted to certain time-windows (clearing and settlement, for example) and is riddled with intermediaries. All of this increases cost and management complexity. It also limits products and services which can be accessed by the majority of businesses, especially for those operating globally. In parallel, we have seen a number of innovative products that have been created in the digital asset space. But sometimes with a lack of regulation and safety for users. We are championing a new path. Pave Bank customers will get access to the financial products that they are used to. But also digital asset enabled products which will help them bank more efficiently within a regulated and secure environment.”
Programmable money, real-world asset tokenisation
Dhanani added: “Programmable money and real-world asset tokenisation are creating a seismic shift in how the financial system will operate and what a future financial institution will look like. There are two major trends that led us to create Pave Bank. Firstly, blockchain is being integrated into the traditional financial system, with stablecoins, CBDCs included, and tokenised RWAs. We are seeing the financial system built on new operating languages for the first time in over fifty years. Secondly, regulation is here, it’s here to stay, and for the better. We are seeing this narrative evolve around the world. In Singapore, Hong Kong, Georgia, UAE, UK, across the EU and the green shoots in the USA, amongst many others. As a fully regulated digital bank with a proprietary technology stack, we are right at the swell of the programmable financial system wave.”
Guilherme Steinbruch, Partner at 468 Capital added: “Pave Bank is offering the world a glimpse into what we believe to be the future of banking and financial services. Large banks are riddled with legacy technology stacks. They don’t have a unified approach between traditional finance and regulated digital assets. Ultimately, we are witnessing a major shift in banking. Pave Bank stands out by enabling a whole range of products and services that can be brought to businesses globally.”
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